Power Finance Corporation gets approval for the proposed FPO

Power Finance Corporation’s (PFC) board has approved the Draft Red Herring Prospectus (DRHP) for the proposed Further Public Offer (FPO) comprising of a fresh issue of 17,21,65,005 equity shares (constituting 15% of the pre issue paid up capital) by the company and an offer for sale of 5,73,88,335 equity shares (constituting 5% of the pre issue paid up capital) by the President of India, acting through the Ministry of Power, Government of India.

The approval was granted at its board meeting held on March 17, 2011.

PFC is also planning to raise Rs 5,300 crore through the public issue of tax saving infrastructure bond that opened on February 24. The issue closes on March 22, 2011. It is also planning to set up a wholly-owned subsidiary under the name PFC Green Energy for the renewable energy sector, in a couple of weeks.

PFC provides large range of financial products and services like project term loan, lease financing, direct discounting of bills, short term loan, and consultancy services for various power projects in generation, transmission, distribution sector as well as for renovation and modernization of existing power projects.

ICRA assigns A4 rating to bank facilities of Yarn Syndicate

Credit rating agency, ICRA has assigned an A4 rating to the existing fund based bank facilities of Rs 9 crore and proposed fund based bank facilities of Rs 3 crore of Yarn Syndicate.

The rating takes into account the long experience of the promoters in the cotton yarn trading business and the resumption of import of cotton yarn from Bangladesh which gives YSL an access to the textile industry based in the country.

Yarn Syndicate is largely involved in the export of various types of yarn such as cotton, polyester, viscose, and jute yarns to countries like Brazil, Bangladesh, Belgium, Bulgaria, Estonia, U.K, and other European Union countries.

Asian markets trade on an optimistic note on supportive global cues

Asian equity indices are trading on an optimistic note on the last trading day of the week and the markets in the region bounced back after yesterday’s pounding on supportive cues from overnight US markets which surged around one and half a percent on the back of the slew of good economic reports that helped to put aside the fear of Japanese crisis. Japanese equities surged close to two percent points after the G7 industrial nations agreed to jointly intervene in the currency market to stem the sharp rise in yen against the American greenback. The South Korean benchmark too surged over a percent lifted by foreign investors buying while buying interests in refiners too underpinned sentiments in the trade today.
Shanghai Composite climbed 17.80 points or 0.61% to 2,915.10, Hang Seng advanced 111.93 points or 0.50% to 22,396.36, Jakarta Composite amassed 18.09 points or 0.52% to 3,502.30, KLSE Composite gained 4.00 points or 0.27% to 1,496.09, Nikkei 225 jumped 158.26 points or 1.77% to 9,120.93, Straits Times added 11.14 points or 0.38% to 2,954.02, Seoul Composite surged 22.87 points or 1.17% to 1,981.90 and Taiwan Weighted soared 95.01 points or 1.15% to 8,377.70.

ICRA assigns A4 rating to bank facilities of Yarn Syndicate

Credit rating agency, ICRA has assigned an A4 rating to the existing fund based bank facilities of Rs 9 crore and proposed fund based bank facilities of Rs 3 crore of Yarn Syndicate.

The rating takes into account the long experience of the promoters in the cotton yarn trading business and the resumption of import of cotton yarn from Bangladesh which gives YSL an access to the textile industry based in the country.

Yarn Syndicate is largely involved in the export of various types of yarn such as cotton, polyester, viscose, and jute yarns to countries like Brazil, Bangladesh, Belgium, Bulgaria, Estonia, U.K, and other European Union countries.

Board Meetings As on Mar 18,2011

Acil Cotton Inds   inter alia, to consider the following: 1. Change of management of t ........ BalaTecGl   inter alia, to discuss and consider, allotment of 300000 Equity Shar ........ Control Print   to consider allotment of Equity shares on conversion of Warrants iss ........ Esaar India   Preferential Issue of shares inter alia to consider the proposal for ........ Globus Cons & Devp.   for the issue of fresh Equity Shares on Preferential basis as well t  IITL Projects   inter alia, to discuss and consider the proposal for acquiring 50%  MahLifeSc   inter-alia, the redemption of 10.50% 10,00,000 Non Cumulative Redeem  Monotona Securities   Bonus issue To consider the option to issue bonus shares to the shar Pondy Oxides   inter alia, to reconsider the following subjects : 1. Adoption of t  Shree Nath Comm&Fin   for the allotment of Bonus Shares (in the Ratio of 1:1) as on Record

HCL Technologies announces expansion of Smart Grid Partner Ecosystemc

HCL Technologies, a leading global IT services provider, has announced a significant expansion of its smart grid partner ecosystem by forging strategic alliances with two leading data management software firms focused on the smart grid market “eMeter” and “Tridium”. The creation of smart grids includes the modernization and digitization of aging power grids.

These partnerships enable the integration of real-time data management and analytical software with the company’s comprehensive suite of services to help utilities transform their existing infrastructure from traditional power grids to smart grids more efficiently. Additionally, the partnerships will further accelerate the company’s strategy to become an end-to-end integration services provider to the utilities companies.

The company reported net profit of Rs 285.97 crore for the quarter ended December 31, 2010 as compared to Rs 255.44 crore for the quarter ended December 31, 2009, up by 11.95%. Its total income also increased by 34.02% from Rs 1,259.22 crore for the December quarter last year to Rs 1,687.59 crore for the quarter under review

ABG Shipyard fixes its foreign investment at 21.91%

ABG Shipyard has fixed its foreign equity limit at the current level if 21.91% in order to be eligible to undertake defence production. The company has also applied for issuance of Industrial Licence for defence production as the defence sector has been opened up by the Ministry of Defence.

In the said process, the company had applied for FIPB (Foreign Investment Promotion Board) approval to take up defence contracts and also for the foreign equity holding upto 26% which is a procedural requirement. At the time of making application, the foreign equity holding in the company was 21.91%.

Vide their letter dated March 03, 2011, FIPB has accorded their approval for the company’s request. However, while granting the said approval, FIPB has fixed the foreign equity holding at 21.91% as the maximum ceiling.

ABG Shipyard is engaged in the business of carrying shipbuilding and ship repair business. The company has emerged as the largest private sector shipbuilding yard in India with satisfied customer base all around the world.

Power Grid Corporation gains on getting nod for three investment proposals

Power Grid Corporation is currently trading at Rs. 98.65, up by 0.50 points or 0.51% from its previous closing of Rs. 98.15 on the BSE.

The scrip opened at Rs. 98.50 and has touched a high and low of Rs. 98.80 and Rs. 98.30 respectively. So far 4,924 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 120.20 on 16-Jun-2010 and a 52 week low of Rs. 91.80 on 30-Nov-2010.

Last one week high and low of the scrip stood at Rs. 99.25 and Rs. 97.10 respectively. The current market cap of the company is Rs. 45440.75 crore.

The promoters holding in the company stood at 69.42% while Institutions and Non-Institutions held 19.24% and 11.33% respectively.

Power Grid Corporation of India’s board of directors granted their nod for three investment approvals. Out of which first is for 'Transmission System for Phase-I Generation Projects in Orissa-Part-C' at an estimated cost of Rs 2569.25 crore, with commissioning schedule of 36 months from the date of investment approval.

While, the second is for ‘Transmission System for transfer of power from Generation Projects in Sikkim to NR/WR - Part-B’ at an estimated cost of Rs 1585.12 crore, with commissioning schedule of 32 months from the date of investment approval. Finally the third approval is for 'Establishment of National Transmission Asset Management Centre (NTAMC)' at an estimated cost of Rs 195.39 crore, with commissioning schedule of 36 months from the date of investment approval.

Recently, the company’s board gave its nod for the investing in 'Fibre OPTIC Communication System in lieu of existing Unified Load Despatch and Communication (ULDC) Microwave links at north eastern, eastern and southern region at an estimated cost of Rs 34.13 crore and Rs 57.43 crore and Rs 45.09 crore respectively, with commissioning schedule of 30 months from the date of investment approval.

US markets rebound on good economic reports

The US markets pulled back and closed higher on Thursday on the back of good economic reports helping investors put aside fears over Japan’s nuclear crisis. The Labor Department reported that the number of people applying for unemployment benefits fell more than economists expected last week. Ongoing claims dropped to the lowest level since October 2008. In other economic reports, the survey from the Federal Reserve's Philadelphia branch showed new orders soared, while a gauge of manufacturing in the mid-Atlantic region jumped in February to the highest point since January 1984.

The Labor Department in separate report showed consumer prices edged higher in February. The Consumer Price Index rose 0.5 percent last month. Core prices, which exclude food and fuel costs, edged higher by 0.2 percent, the same as the previous month.

Dow Jones Industrial Average gained 161.29 points, or 1.39 percent, to 11,774.59. The Standard & Poor's 500 rose 16.84 points, or 1.34 percent, at 1,273.72, while the Nasdaq rose by 19.23 points, or 0.73 percent, at 2,636.05.

Most of the Indian ADRs closed in green on Thursday, Infosys was up by 0.43%, ICICI Bank was up by 0.12%, MTNL was up by 0.04% and Tata Motors was up by 0.24%.

On the other hand, Wipro was down by 0.18% and HDFC Bank was down by 0.53%.

M&M, Bharti Airtel, HCL Infosystem and Monnnet Ispat likely to witness some action today

Utility vehicle major Mahindra & Mahindra (M&M) plans to focus on developing the Ssangyong brand. M&M plans to give the highest priority to product development as the Korean SUV majors' pipeline of products is not very strong.

The National Pharmaceutical Pricing Authority (NPPA) has increased prices of 62 drugs, which are mainly based on indigenously manufactured insulin. The companies which would be affected by the price revision of drugs include Eli Lilly, Pfizer, Novartis, Sanofi Aventis, GSK, Biocon, Wockhardt, Lupin and Cipla

The National Pharmaceutical Pricing Authority (NPPA) today said it has increased prices of 62 drugs, which are mainly based on indigenously manufactured insulin

Tata Group's consumer durables firm, Voltas, plans to hike prices of its air-conditioners by another three per cent in April, the second this year, to offset the rise in metal prices it consumes.

Hindustan Petroleum Corporation (HPCL) will add new facilities at its Vizag refinery to convert low-value heavy oils into premium products, which will significantly increase refining margins.

In a bid to end fuel woes of power plants in Andhra Pradesh, state-owned gas utility GAIL India will supply gas to the electricity generating units by swaping Reliance Industries' KG-D6 gas with LNG imported.

Monnet Ispat is close to acquiring a coal mine in Sumatra, Indonesia. Acquisition of the coal mine may be completed by this week.

Bangalore-based biotechnogy firm Biocon's drug development partner Optimer has received US patent for drug Fidaxomicin. The drug is used to treat diarrhea and intestinal diseases.

Retail food chain company McDonald's India has joined hands with Indian Oil Corporation (IOC) to increase its presence in petrol stations in West and South and aims to more than double its sales by 2014 from both these regions.

Bharti Airtel is likely to buy yet-to-be-launched Indian wireless broadband business of Qualcomm. The US-based chip maker is set to be in an advanced stage of discussions with the country's largest telecom operator to sell its BWA licenses in all four circles.

Anil Ambani group firm Reliance Communications has drawn the first tranche of Rs 3,000 crore ($665 million) from China Development Bank.

Jubilant FoodWorks that operates Dominos Pizza chain in India plans to diversify into new areas, including operating hotels and other non-food segments such as garments and fashion accessories.

FMCG player Jyothy Laboratories is eyeing a controlling stake in Henkel India after acquiring 14.9 per cent stake in the company from Tamil Nadu Petro Products (TNPL).

Sundram Fasteners, part of the TVS group, will make its biggest capital investment in 2011-12 in an attempt to target the wind energy and automotive segments with new products.

The coal assets of one of Australia's largest thermal coal explorers - Bandanna Energy - in a deal could be valued at $1.5 billion. GVK, state-owned consortium ICVL and Reliance Power have shown early interest in bidding for the assets estimated to have reserves of over 1.3 billion tonnes of thermal coal.

ONGC India is expected to face a 'hard' market when it approaches international underwriters next week to renew its $28.5 billion insurance policy. ONGC is the holder of the biggest insurance policy in India.

IT hardware firm HCL Infosystems has bagged an order from the Indian Air Force to deploy Wideband CDMA-based portable wireless network at a cost of over Rs 300 crore.

Banks have committed to refinance nearly half of the Rs 9,500-crore debt on the books of Ispat Industries.

In its first open-market transaction in India, Blackstone, the global private equity major, has bought a two per cent share in India’s largest travel wear manufacturer, VIP Industries, which is valued at Rs 36-40 crore.

United Phosphorus  (UPL), one of the leading agro chemical and seeds company in the country, has set the target of doubling its agro chemical business in India from the present Rs 900 crore to Rs 1,800 crores in the next three years time (by FY 2013-14).

Venus Remedies, an existing EU-GMP certified Pharmaceutical manufacturing company, has been awarded a Gulf Cooperation Council (GCC) registration. This approval holds significance and is prestigious since such registrations are obtained by the manufacturing facilities which meet world class standards and where quality is of the prime essence.

Allcargo Global Logistics plans to enter third-party logistics business in a few months and expand its warehousing capacity to 400,000 sq ft.

Power Grid Corporation of India’s board of directors granted their nod for three investment approvals.

Reliance Infrastructure (R-Infra) has secured a contract worth Rs 7,200 crore for 2,400 MW gas based combined cycle power project at Samalkot.

Hindustan Construction Company (HCC) has received two orders from Hindalco Industries for 6 x 150 MW Captive Power Plant - Aditya Aluminium Project at Sambalpur, Orissa.

Domestic markets likely to make positive start on good global cues

The Indian markets suffered sharp decline in previous session, the global cues weighed on the sentiments though there was a credit policy announcement too and the RBI on expected lines announced 25 basis point hike in key policy rates but the investors concentrated mainly on the global cues. Today the start is likely to be good as the global cues are indicating for a positive start. Rate sensitive too may stabilize as the rate hike was already discounted. Domestic pharma companies are likely to get a boost with the decision of National Pharmaceutical Pricing Authority (NPPA) increasing prices of 62 drugs, which are mainly based on indigenously manufactured insulin. The majority of the drugs, whose prices have been increased, are used in treatment of diabetes and tuberclosis. The companies which would be affected by the price revision of drugs include Eli Lilly, Pfizer, Novartis, Sanofi Aventis, GSK, Biocon, Wockhardt, Lupin and Cipla. NPPA said that raw material cost and revision in the norms of conversion cost, packing charges and packaging materials as notified on December 16, 2010 necessitated the move.

However the rising international crude prices are likely to put pressure on the local PSU oil marketing companies and the markets too. The conflict in Libya and diplomatic efforts to forge a response has once again raised the crude prices.

The US markets made a good pullback effort on Thursday and all the major indices gained by 1-1.5 percent, it was the slew of good economic reports that helped the markets recover from steep fall of last two session and to put aside the fear of Japanese crisis. The Asian markets have made a good start and most of the indices are trading higher with Japanese Nikkei gaining around 2 percent as G7 industrial nations agreed on Friday to jointly intervene in the currency market to stem a sharp yen rise.

Back home, stock markets in India carried forward this week’s trend of closing in the negative territory after every positive close as they settled in the red after taking cuts of around a percent a day after garnering about a percentage points. Although RBI’s eighth hike in benchmark interest rates since March 2010 by 25 basis points was in line with market expectations, sentiments however went awry as marketmen feared that escalating domestic inflation would eat in to the overall growth of Indian economy. The RBI also hiked the forecast of inflation for the current fiscal year to around 8% from its previous estimate of 7% as it expected that economic growth will be impacted from surging global commodity prices, especially crude oil prices. While weakness in the Asian markets amid concerns of aggravating nuclear crisis in Japan too undermined local sentiments. The jump of around one and half a percent in crude oil prices also took sheen off the local bourses as traders shrugged the optimistic cues from the European counterparts. Meanwhile, marginal decline in food inflation to a three-and-a-half-month low of 9.42% for the week ended March 5 failed to enthuse the investor sentiment. The NSE’s 50-share broadly followed index Nifty, managed to hold on to the crucial 5,450 support level while Bombay Stock Exchange’s Sensitive Index, Sensex closed with a two hundred point cut around the psychological 18,150 mark. The broader markets traded with some resilience and finished with moderate losses thereby outperforming their larger peers by quite a margin. Earlier on Dalal Street, the benchmark got off to a gap down start as investors squared off positions tracking discouraging leads from the overnight US markets coupled with renewed fears that a partial meltdown may have occurred at a nuclear plant in Japan which undermined sentiments significantly. The markets gained some traction from thereon till the reports of marginal fall in inflation and hike in key policy rates hit the street. Thereafter, investors opted to take profits off the table from rate sensitive sectors like Banks, Auto and Realty as RBI’s raising of March-end inflation estimate to 8% from 7% projected earlier, had an adverse impact on the domestic sentiments. The bourses after touching intraday lows in the dying hours pared some portion of decline to eventually settle with losses of over a percent. Finally, the BSE Sensex plunged by 208.82 points or 1.14% to settle at 18149.87 while the S&P CNX Nifty fell by 64.50 points or 1.17% to end at 5,446.65.

The US markets pulled back and closed higher on Thursday on the back of good economic reports helping investors put aside fears over Japan’s nuclear crisis. The Labor Department reported that the number of people applying for unemployment benefits fell more than economists expected last week. Ongoing claims dropped to the lowest level since October 2008. In other economic reports, the survey from the Federal Reserve's Philadelphia branch showed new orders soared, while a gauge of manufacturing in the mid-Atlantic region jumped in February to the highest point since January 1984.

The Labor Department in separate report showed consumer prices edged higher in February. The Consumer Price Index rose 0.5 percent last month. Core prices, which exclude food and fuel costs, edged higher by 0.2 percent, the same as the previous month.

Dow Jones Industrial Average gained 161.29 points, or 1.39 percent, to 11,774.59. The Standard & Poor's 500 rose 16.84 points, or 1.34 percent, at 1,273.72, while the Nasdaq rose by 19.23 points, or 0.73 percent, at 2,636.05.

Crude prices surged on Thursday by about 4 percent edging back above $100 a barrel mark on escalating tensions between Libya and governments working on a response at the United Nations and on continuing unrest in the Middle East and Bahrain that kept investors worried about potential supply disruptions. The trading volume remained low and the expiration of the April contract added some volatility to the prices.

The United Nations Security Council authorized military strikes on Libya, and US and European officials said last night that air attacks against Col. Moammar Gadhafi's forces were possible 'within hours'.

Benchmark crude for April rose $3.40 to expire at $101.38 a barrel, after trading in a range from $96.60 to $101.99 on the New York Mercantile Exchange. In London, ICE Brent crude for May rose $4.30, or 3.89 percent, to settle at $114.90 a barrel on the ICE.

Hindustan Composites sells its Jalna unit

Hindustan Composites has sold its Jalna unit for a total consideration of Rs 5.83 crore to Spitmaan Group of companies.

Hindustan Composites is a pioneer in the development, manufacture and marketing of industrial products and friction materials in India for over 45 years.

The company has got wide range of products suitable for a number of general and specialised applications, has been catering to the diversified needs of core sector industries, such as Railways, Engineering, Mining, Aerospace, Steel, Chemical, Petrochemical, Fertilizer, power generation, Ship building, Atomic Energy, Electrical, Oil exploration, Automotive, etc.

The products of this company are being exported to more than 30 countries. This company operates in Latin America, Greece, Middle East and South East Asia. Export turnover of this company is US $ 2 Million

Gitanjali Gems acquires N & J Finstocks

Gitanjali Gems has acquired 100% stake in N & J Finstocks and after the acquisition N & J Finstocks  - earlier a promoter group company has now become a wholly owned subsidiary of the company.

The company is also planning to acquire assets of DIT Group S.p.A. (DIT), an Italy based jewellery company, which operates in the area of manufacturing, marketing, and sale of jewels and owns some of the reputed brands like Stefan Hafner, IO Si, Roberta Porrati and LA Nouvelle Bague etc.

Gitanjali Gems is one of leading players in jewellery segment. It was the first group company to engage in cutting and polishing of diamonds in Surat, Gujarat. Today this $900 million multinational group is one of largest manufacturer, retailers and exporters of diamonds.

The company reported consolidated net profit of Rs 100.56 crores for the quarter ended December, 2010 against Rs 80.03 crore in the corresponding quarter a year ago. Its net sales grew to Rs 2654.17 crore from Rs 2509.71 crore in the same period previous fiscal.

FII DII DATA 18/03/2011

 Net Index Futures (-566), Net Stock Futures (-176), Derivative Market: Total Open Interest (Rs 1,41,853 cr), Stock Futures Open Interest (Rs 31,988 cr)

BHEL leads the gainer list of ‘BSE Power’ space

BHEL is currently trading at Rs. 1,960.90, up by 34.00 points or 1.76% from its previous closing of Rs. 1,926.90 on the BSE.

The scrip opened at Rs. 1,911.00 and has touched a high and low of Rs. 1,964.80 and Rs. 1,905.00 respectively. So far 71,000 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 2,695.00 on 07-Oct-2010 and a 52 week low of Rs. 1,905.35 on 15-Mar-2011.

Last one week high and low of the scrip stood at Rs. 2,044.00 and Rs. 1,905.00 respectively. The current market cap of the company is Rs. 95879.83 crore.

The promoters holding in the company stood at 67.72% while Institutions and Non-Institutions held 25.95% and 6.33% respectively.

Recently, American Society of Mechanical Engineers (ASME) - a professional body and an engineering society, has awarded the high pressure boiler plant of Bharat Heavy Electricals (BHEL) with ‘N’ and ‘NPT’ certificates.

Bharat Heavy Electricals (BHEL) has also bagged a contract worth Rs 1,445 crore for 600 MW thermal power plant. The contract envisages setting up a 1x600 MW thermal power generating unit for Andhra Pradesh Power Generation Corporation’s (APGenco) upcoming coal-based thermal power project, located at Rayalaseema in Kadapa district of Andhra Pradesh.

OMCs losses mount as government holds retail fuel prices

The publically controlled OMCs sell diesel and cooking fuels at prices that are generally lower than the cost. These are generally compensated by upstream companies and the government but such compensation is often not complete and OMCs have to absorb some loses. While the government has historically born 33% of the oil subsidy, the oil ministry has been asking the government to hike its share given the surge in under-recoveries.

The oil ministry has made it clear that upstream companies, which provide discounts on crude oil supplies to downstream companies as their share of under-recovery, will not bear more than 33% of the losses of retailers. This leaves the rest to be divided between the government and downstream companies. Since the OMCs does not have the financial muscle to absorb anything more than say 10-15% of the under-recovery, the government will have to hike its share to over 50% to ensure that financial health of fuel retailers is not impacted.

Just In: RBI raises repo, reverse repo rates by 25 bps

The Reserve Bank of India (RBI) on Thursday raised repo and reverse repo rates by 25 basis points despite some international uncertainties as domestic inflation scenario remains the biggest concern.
The new repo and reverse repo rates are 6.75% and 5.75% respectively. This was eighth increase in benchmark policy rates by the central bank in current financial year.

Videocon d2h launches HD DVR with 3D

Videocon group’s DTH arm Videocon d2h has launched India’s first HD-DVR, HD Digital Video Recorder with 3D. The company has witnessed excellent growth from the time of its inception and its objective is to increase penetration by offering channels and services across genres, increase subscriber base and better it’s ARPU’s.
Videocon d2h is a pioneer in the Indian DTH market through continuous product innovations and upgrade of technology. Videocon d2h has the maximum number of 288 channels and services with a strong regional content for its specific audiences.
High Definition Digital Video Recorder with 3D acts as a bridge between the 3D Television and the 3D Channel feed. This product would set a new precedent in the DTH market and would enable customers to move from cable to DTH.  

SBI garners Rs 5,496.90 crore through retail bonds

Rs 10,000 each and 47,65,918 Series 4 Lower Tier-II Bonds of face value Rs 10,000 to the eligible applicants. The bank thus managed to raise Rs 5,496.9 crore, as in all 54,96,996 applicants received bonds worth Rs 10,000 each.
The issue, which had opened on February 21 and closed on February 28 attracted many investors because of its competitive coupon rate and the timing. This issue is part of the Rs 10,000-crore retail bond programme SBI has planned for FY11 through FY12.
The bank had raised Rs 1,000 crore through the retail bonds in the first tranche, issued in October, 2010, which was oversubscribed 19 times. That was the first retail bond offering in the country by any bank.
State Bank of India (SBI) posted a marginal increase of 14.07% in its net profit for the quarter ended December 31, 2010 at Rs 2828.06 crore where as the same was at Rs 2479.05 crore for the quarter ended December 31, 2009.

Apar Industries’ conductor division bags order worth Rs 250 crore

Apar Industries’ conductor division has bagged order worth Rs 250 crore from Power Grid Corporation of India (PGCIL) for manufacture and supply of ACSR Conductors.

Further, the company has received orders from other customers for supply of High Temperature Conductors (HTC) worth Rs 25 crore. This will strengthen the order book position and improve the performance of the division.

The company’s conductor division is among the top five in the world, catering to world’s leading power generation and transmission companies with decades of ongoing relationship and repeat business.

Apar caters to a wide range of industries such as power, rubber, tyre, ink, cosmetics, food, pharmaceutical, health care, steel, aluminium, petrochemical, plastic, paper, sugar, cement, automotive etc. Further, it has product presence across Asia, Middle East, Africa, Europe, Australia and Far East.